U.S. oil production is at its lowest level since 1950, while global demand continues to grow. As investment in production and refining capacity has lagged in recent years, energy prices have soared. Although there are similarities with previous oil price fluctuations, the current situation has certain specific features. Many are alarmed by the possibility of global oil production peaking in the near future but fail to grasp the implications of such a situation.
Please join us as James Hamilton of the University of California San Diego presents his view of the likely aftermath of declining oil production, and the consequences that he believes are already on the horizon. AEI resident scholar Kevin Hassett and Roger Kubarych of the Council of Foreign Relations will then discuss the issues. AEI resident scholar Phillip Swagel will moderate the discussion.
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